cryptobriefing.com
Key Takeaways
- Bitcoin's market cap has exceeded silver's, reaching $1.736 trillion.
- Strong institutional interest in Bitcoin was seen today, with $4.5 billion in trading volume from BlackRock's IBIT Bitcoin Trust.
Bitcoin’s market cap has reached a new milestone, surpassing silver with a valuation of $1.736 trillion, making it the world’s 8th largest asset, according to Companies Market Cap website.
This achievement comes as Bitcoin’s price surged past $88,000 today, gaining 10% on the day, while silver fell 2%, allowing Bitcoin to leap ahead.
With this latest rally, Bitcoin now trails only gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco in global asset rankings.
The Kobessi Letter, a leading capital markets commentary, remarked on this Bitcoin milestone, saying:
“The fact that gold is still 10 TIMES larger than Bitcoin is incredible. Not only does this show how big gold is, but it also shows how big Bitcoin can be.”
Despite an already impressive year-to-date increase of over 100%, Bitcoin would need to 10x from its current level to match the market cap of gold.
Today’s market movement has been largely fueled by institutional buying and the sustained popularity of Bitcoin ETFs.
Bloomberg’s Senior ETF Analyst Eric Balchunas noted that BlackRock’s iShares Bitcoin Trust (IBIT) saw $4.5 billion in trading volume today.
Meanwhile, the broader “Bitcoin industrial complex,” including Bitcoin ETFs, MicroStrategy, and Coinbase, reached a lifetime high of $38 billion in trading volume.
Bitcoin’s rally follows Trump’s recent election win, sparking optimism that his pro-crypto stance could usher in regulatory support for digital assets.
Analysts suggest that if this sentiment persists, Bitcoin could break the $100,000 milestone by the end of 2024. With an all-time high of $88,000 recently achieved, Bitcoin is now within 14% of reaching six figures.